Money Laundering Definition:
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of criminal activities. If successful, money can lose its criminal identity and appear legitimate.
Under a broad definition, the laundering process is accomplished in three stages:
- Placement – the physical disposal of cash proceeds derived from criminal activity
- Layering – separating the illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity
- Integration – the provision of apparent legitimacy to wealth derived from crime. If the layering process is succeeded, integration schemes place the laundered proceeds back into the economy in such a way that they re-enter the financial system appearing as normal business funds
Vipro Markets Policy:
As a CySEC regulated company, Vipro Markets strictly complies to the law and regulation for the Prevention of Money Laundering and Terrorist Financing according to the Law No. 188(I)/2007 and its directive DΙ144-2007-08 of 2012. Based on that, we have established a certain policy for the verification of Clients. Below you will find a list of documentation clients need to provide according to their Client Categorisation.
1. Retail Clients:
- Identification document: The Company shall retain a copy of the Client’s international passport/identity card. Alternatively, the Client’s driver’s license, provided that it includes a photo of the Client.
- Proof of Address: a recent utility bill (fixed-line phone, water, electricity), local authority tax bill, bank statement (current, deposit or credit card account) [all dated within the last 6 months of the applicant’s signature], lease or mortgage agreement, letter from a reputable bank confirming the address of the respective person.
2. Professional Clients:
The original or certified true copies of the following, inter alia, documents must be obtained:
- Certificate of Incorporation
- Certificate of Registered Office Address
- Memorandum and Articles of Association
- Certificate of Good Standing (company address, Directors & Secretary)
- Certificate of the registered Shareholders in the case of private companies and public companies that are not listed in a regulated market of a European Economic Area country or a third country with equivalent disclosure and transparency requirements
- in the cases where the registered Shareholders act as nominees of the beneficial Owners, a copy of the trust deed/agreement concluded between the nominee Shareholder and the beneficial Owner, by virtue of which the registration of the shares on the nominee shareholder’s name on behalf of the beneficial owner has been agreed
- documents and data for the verification of the identity of the persons that are authorised by the legal person to operate the account, as well as the registered shareholders and beneficial owners of the legal person
- a resolution of the Board of Directors for the opening of the account and granting authority to those who shall operate it
- documents and data for the verification of the identity of the members of the board of directors
- documents and data for the verification of the identity of the registered shareholders and beneficial owners
- We only execute withdrawals to the account or payment solution that was originally used for funding.
- If funds were added using a Credit/Debit Card, the total amount of withdrawals should equal the total amount of deposits from that card. Thus, only your initial investment can be returned to the card and earned profit will be processed to your bank account.
- If funds were added using both a Credit/Debit Card and Skrill, a withdrawal will first be processed back to the card and only after that to the e-wallet.
You deposited $100 via Credit Card and earned a profit of $1,000. Requesting a withdrawal of $1,000, you will get $100 to your Credit Card and the rest $900 to your bank account.
You deposited $100 via Skrill and $50 via Credit Card. Requesting a withdrawal of $90, you will get $50 to the card and $40 to the e-wallet.